Reporting of Gross Receipts with Deductions in ITR

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This query is : Resolved

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This discussion clarifies how government contractors should report gross receipts in their Income Tax Return (ITR) when statutory deductions like TDS and GST are applied. The consensus is that gross receipts, including these deductions, should be reported under the 'Receipt through bank' column, as all funds are ultimately received via bank transfer after the deductions have been made.

k chakraborty

k chakraborty (Querist)

11 June 2024 We are a govt. contractor firm and all our bills receive deductions for statutory amounts (TDS, GST TDS, BOCWW Cess, etc.). When reporting gross receipts in the ITR, should we include these deducted amounts in the:

- 'Receipt through bank' column, or
- 'Receipt through any other mode' column

Given that:

- Gross Receipts include deductions (TDS, GST TDS, BOCWW Cess, etc.)
- All receipts are received through bank after deductions
- ITR asks for Gross Receipts, subdivided into:
1. Receipt through bank
2. Receipt through any other mode

Please provide guidance on where to report the gross receipts, including deductions, in the ITR.